A regular savings account pays 0.10% per year. How much simple interest does ₱20,000 earn in one year?
Show step-by-step solution
Answer: 20 ₱
- pesos.
- 0.10% means 0.10 per 100, or 0.001 as a decimal.
Back to the problem bank Basic
Term 3 · Week 1 · Compound Interest
Basic problem
Common errors to watch for
- Reading 0.10% as 10% gives ₱2,000; the decimal point matters.
Budget of Work competencies
- gm11.t3.w1.c1
Solve problems involving compound interest, including maturity value, future value, nominal rates, and number of terms.